Georgia’s net tax collections for the month of August totaled $1.39 billion for an increase of $47 million, or 3.5 percent, compared to the month-ended August 2013, Gov. Nathan Deal’s office recently announced.
Year-to-date, net tax-revenue collections totaled $2.88 billion, an increase of $125 million, or 4.5 percent, compared to the previous fiscal year when net tax revenues totaled $2.75 billion through August.
Lastly, year-to-date gross tax revenues totaled $3.82 billion, an increase of nearly $197 million, or 5.4 percent, compared to month-ended August 2013.
Changes within the following major tax categories explain the net revenue increase in August:
Individual Income Tax
Collections for August totaled $714 million, up from $699.5 million in August 2013, for an increase of nearly $14.5 million, or 2.1 percent.
The following notable components account for the net increase:
• Withholding payments were up $28.75 million, or 4.1 percent
• Refunds issued (net of voided checks) were up $14.75 million or 40.2 percent
• All other categories, including return and estimated payments, were up a combined $0.5 million
Sales and Use Tax
Collections for the month increased $55.5 million, or 6.9 percent, compared to last year.
In addition, net collections rose nearly $34.25 million, or 8.4 percent, compared to August 2013, when net sales tax totaled nearly $408 million.
The adjusted distribution of sales tax to local and county governments totaled $407.1 million, an increase of $32.85 million compared to last year.
Sales-tax refunds declined $11.5 million compared to the previous fiscal year, when nearly $19.75 million in refunds were processed.
Corporate Income Tax
Collections for August decreased $2 million, or minus-13 percent, compared to last year, when net revenues totaled roughly $15.35 million.
The following notable components make up the decrease:
• Refunds issued (net of voided checks) were up $10.9 million, or 250.8 percent
• Estimated payments for the month increased $11 million, or 142.7 percent
• Return payments decreased nearly $2.25 million, or minus-25.6 percent
• All other categories combined for a slight increase of $0.1 million compared to fiscal year 2013.